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Definition of Economics

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Uploaded by on Jun 24, 2008

Economist Jeff Thredgold (www.thredgold.com) explains his favorite definition of economics: "People respond to incentives". This is why capitalism works and socialism does not. Includes a quote by Winston Churchill.

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  • @redschroeder It's not capitalism's fault that jobs are being outsourced to China. These things like minimum wage laws, union intimidation - that's socialistic interventionism. Want jobs? Encourage businesses to operate in the US.

  • What is my incentive to spend $30,000 on a college education when only 19% of 2009 graduates actually found a job?

  • we are all gonna wake up one day soon and all be socialists by the looks of things

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